Wealth manager reports profit after tax of £43m in six months to end-June
London-based Quilter, Old Mutual’s former wealth management business, returned to profit in its half year to end-June, reporting a growth in net client inflows and success in its cost-saving drive.
Net client inflows for the period totalled £1.1bn from £300,000 previously, with the group citing low client outflows, and that some of its investments had been more “operationally resilient” than peers amid Covid-19 turmoil. Quilter, which listed on the JSE and the London Stock Exchange in June 2018, reported profit after tax of £43m, from a loss of £17m previously, with the group citing the effect on policyholder taxes of market volatility.The group said it had seen lower costs related to variable compensation, and deferred developmental projects. The group has plans to reduce discretionary spending by £30m in its 2020 year.
“The first half of 2020 was a uniquely challenging environment which has forced us all to reconsider the way we socially interact and undertake business activities,” said CEO Paul Feeney. “Our cautious outlook with broadly stable market conditions for the remainder of the year means we continue to expect revenue headwinds,” he said. “As a consequence, we will maintain a firm handle on expenses with a modestly lower second half out-turn for costs anticipated to offset the expected impact from revenue headwinds.”
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